ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 290

c. Liquidation is reasonably expected to require use of existing
resources classified as current assets or create other current
liabilities.

d. Transaction or other event creating the liability has already
occurred.

34. Which of the following is not considered a part of the
definition of a liability?

a. Unavoidable obligation.

b. Transaction or other event creating the liability has already
occurred.